CCM Investment Advisers LLC Buys 14,425 Shares of Phillips 66 (NYSE:PSX)

by · The Cerbat Gem

CCM Investment Advisers LLC raised its stake in Phillips 66 (NYSE:PSX – Free Report) by 15.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 105,150 shares of the oil and gas company’s stock after purchasing an additional 14,425 shares during the quarter. CCM Investment Advisers LLC’s holdings in Phillips 66 were worth $13,822,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PSX. Paragon Associates & Paragon Associates II Joint Venture bought a new position in shares of Phillips 66 in the 4th quarter worth about $2,663,000. CMG Global Holdings LLC purchased a new position in shares of Phillips 66 in the 4th quarter worth about $214,000. Secured Retirement Advisors LLC bought a new position in Phillips 66 in the 4th quarter worth about $1,054,000. Burford Brothers Inc. purchased a new stake in Phillips 66 during the 4th quarter valued at about $534,000. Finally, Quarry LP increased its stake in Phillips 66 by 36.1% during the 4th quarter. Quarry LP now owns 3,751 shares of the oil and gas company’s stock valued at $499,000 after purchasing an additional 994 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. TD Cowen cut their price target on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Wolfe Research initiated coverage on Phillips 66 in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Raymond James lifted their price objective on Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Scotiabank dropped their price target on shares of Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a report on Thursday. Finally, Piper Sandler boosted their price objective on shares of Phillips 66 from $136.00 to $144.00 and gave the company an “overweight” rating in a report on Tuesday. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $151.21.

Read Our Latest Stock Analysis on Phillips 66

Insiders Place Their Bets

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $139.01, for a total value of $4,170,300.00. Following the transaction, the chief financial officer now directly owns 81,937 shares in the company, valued at $11,390,062.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.22% of the stock is owned by insiders.

Phillips 66 Stock Up 1.3 %

Shares of PSX stock opened at $136.41 on Friday. The company’s fifty day simple moving average is $133.19 and its two-hundred day simple moving average is $141.75. Phillips 66 has a 52 week low of $107.85 and a 52 week high of $174.08. The stock has a market cap of $57.83 billion, a P/E ratio of 10.49, a PEG ratio of 5.48 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56.

Phillips 66 (NYSE:PSX – Get Free Report) last posted its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.33. The company had revenue of $38.91 billion for the quarter, compared to the consensus estimate of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the previous year, the business earned $3.87 earnings per share. Analysts predict that Phillips 66 will post 8.19 EPS for the current fiscal year.

Phillips 66 Company Profile

(Free Report)

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.

See Also

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